The E.W. Scripps Co. on Friday, Feb. 24, reported lower 2011 fourth quarter earnings and revenue compared to the same period the year before.
Income from continuing operations, net of tax, was $6.1 million, or 11 cents per share in the 2011 quarter, down from $23.7 million, or 37 cents per share, in the year-ago quarter, Cincinnati-based media company said.
Scripps is the parent of the Knoxville News Sentinel and the Memphis Commercial Appeal.
Revenues for the fourth quarter were $197 million, down 10.4 percent from $220 million in the fourth quarter of 2010, which benefited from record political advertising in the television division.
The results reflect "a double-digit year-over-year increase in non-political television revenues, a moderation in the rate of decline in newspaper revenues, and lower operating expenses, excluding acquisition and restructuring costs," according to a news release.
"We substantially repositioned Scripps in 2011, clearing the way for improved performance in 2012, enlarging our television footprint, and enabling an aggressive rollout of new digital products and services," Rich Boehne, Scripps president and CEO, said in a prepared statement.
The company introduced smartphone and tablet apps late in 2011.
"We intend to continue the evolution of these products, building out what we believe will be a valuable digital marketplace for services built upon high-quality local news content," Boehne said.
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